Corvus Pharmaceuticals Signs Sub-Sublease Agreement with NewLimit, Inc. for Office Space in South San Francisco

Corvus Pharmaceuticals, Inc. (NASDAQ: CRVS) announced today that it has entered into a sub-sublease agreement with NewLimit, Inc., a Delaware corporation, to lease approximately 20,916 square feet of office space located at 901 Gateway Boulevard, South San Francisco, California. The agreement, which was finalized on October 22, 2024, marks a strategic move for Corvus Pharmaceuticals, enhancing its operational footprint.

The office space in question, referred to as the “Premises,” was previously under a sublease agreement between Theravance Biopharma US, Inc. and the Sublandlord. The lease term is set to begin on the Commencement Date, which is the later of the date of written consent from the Master Landlord and Prime Sublandlord or February 1, 2025. Corvus Pharmaceuticals will be paying a Monthly Base Rent starting at $33,833.33, which will gradually increase up to $47,200.00 during the third year of the lease.

In addition to the base rent, Corvus Pharmaceuticals is also responsible for its share of taxes, insurance, and operating expenses associated with the leased space. The agreement requires Corvus Pharmaceuticals to prepay $231,234.99 in rent within five business days of executing the lease, which will cover the first three months of the lease term.

The sub-sublease agreement spans a total of three years from the Commencement Date, with the option for Corvus Pharmaceuticals to extend the lease for an additional two years. The terms and conditions of the agreement have been filed as Exhibit 10.1 with the Securities and Exchange Commission under Form 8-K.

This move is expected to provide Corvus Pharmaceuticals with a well-equipped operational base to further its strategic objectives in the biopharmaceutical sector.

In light of this development, Corvus Pharmaceuticals remains committed to its growth and expansion plans as it continues to advance its mission within the pharmaceutical industry.

Make sure to refer to the complete agreement filed as Exhibit 10.1 for a comprehensive understanding of the terms and conditions associated with the sub-sublease agreement.

This news is provided under the guidelines of the Securities Exchange Act of 1934, highlighting Corvus Pharmaceuticals’ ongoing commitment to transparency and compliance with regulations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Corvus Pharmaceuticals’s 8K filing here.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of immune modulator product candidates to treat solid cancers, T cell lymphomas, autoimmune, allergic, and infectious diseases. Its lead product candidate is soquelitinib (CPI-818), a selective covalent inhibitor of interleukin 2 inducible T cell kinase (ITK), which is in a multi-center Phase 1/1b clinical trial for the treatment of peripheral T cell lymphoma, solid tumors, and atopic dermatitis.